EchoStar Corp (SATS) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the EchoStar Earnings Conference Call for the Fourth Quarter and Year-End 2020. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝大家的支持，歡迎參加 EchoStar 2020 年第四季和年終收益電話會議。（操作員指示）請注意，今天的會議正在錄製中。（操作員說明）

I would now like to hand the conference over to your speaker today, Terry Brown. Thank you. Please go ahead, sir.

我現在想把會議交給今天的發言者特里·布朗。謝謝。請繼續，先生。

Thank you. Good morning, everybody, and welcome to our earnings call for the fourth quarter of 2020. I'm joined today by Mike Dugan, our CEO; Dave Rayner, COO and CFO; Pradman Kaul, President of Hughes; Anders Johnson, Chief Strategy Officer and President of EchoStar Satellite Services; and Dean Manson, General Counsel and Secretary. As usual, we invite media to participate in a listen-only mode on the call and ask that you not identify participants or their firms in your report. We also do not allow audio recording, which we ask that you respect.

謝謝。大家早安，歡迎參加我們 2020 年第四季的財報電話會議。今天我們的執行長 Mike Dugan 也加入了我的行列。戴夫‧雷納 (Dave Rayner)，營運長兼財務長；普拉德曼‧考爾 (Pradman Kaul)，休斯公司總裁；安德斯‧約翰遜 (Anders Johnson)，EchoStar 衛星服務公司首席策略長兼總裁；以及總法律顧問兼秘書 Dean Manson。像往常一樣，我們邀請媒體以只聽模式參與電話會議，並要求您不要在報告中透露參與者或其公司的身份。我們也不允許錄音，請您尊重這一點。

Let me now turn this over to Dean for the safe harbor disclosure.

現在讓我將此事轉交給迪恩以進行安全港披露。

Thank you, Terry. All statements we make during this call, other than statements of historical fact, constitute forward-looking statements that involve known and unknown risks, uncertainties and other factors that could cause our actual results to be materially different from historical results and from any future results expressed or implied by the forward-looking statements. For a list of those factors and risks, please refer to our annual report on Form 10-K filed today with the SEC. All cautionary statements we make during the call should be understood as being applicable to any forward-looking statements we make wherever they appear. You should carefully consider the risks described in our reports and should not place any undue reliance on any forward-looking statements. We assume no responsibility for updating any forward-looking statements.

謝謝你，特里。除歷史事實陳述外，我們在本次電話會議中所做的所有陳述均構成前瞻性陳述，涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致我們的實際結果與歷史結果和所表達的任何未來結果存在重大差異或前瞻性陳述所暗示的。有關這些因素和風險的列表，請參閱我們今天向 SEC 提交的 10-K 表格年度報告。我們在電話會議期間所做的所有警告性聲明應被理解為適用於我們在任何地方所做的任何前瞻性聲明。您應該仔細考慮我們報告中所述的風險，並且不應過度依賴任何前瞻性陳述。我們不承擔更新任何前瞻性陳述的責任。

Mike, over to you.

麥克，交給你了。

Thank you, Dean, and thanks to all of you that decided to join us today for our Q4 2020 earnings call. By all accounts, 2020 brought a share of challenges, but the EchoStar team rose to the occasion and once again delivered solid financial results. I'm very pleased with our 2020 performance as evidenced by growth over 2019 in both revenue and adjusted EBITDA.

謝謝 Dean，也感謝今天決定參加我們 2020 年第四季財報電話會議的所有人。從各方面來看，2020 年都帶來了一些挑戰，但 EchoStar 團隊迎難而上，再次取得了穩健的財務表現。我對我們 2020 年的業績感到非常滿意，2019 年營收和調整後 EBITDA 的成長就證明了這一點。

As we enter the second year of the global pandemic, we continue to supply the connectivity on which millions of consumers, enterprise, government agencies and communities depend. I'm also proud of the EchoStar team's efforts and operational accomplishments in delivering services that have never been more vital to our customers.

隨著全球大流行進入第二年，我們繼續提供數百萬消費者、企業、政府機構和社區所依賴的連結。我還為 EchoStar 團隊在提供對我們的客戶來說從未如此重要的服務方面所做的努力和營運成就感到自豪。

Let me now turn it over to the management team to expand on their business segments before closing with some final comments and then the question-and-answer period. Pradman?

現在讓我將其交給管理團隊擴展他們的業務部門，然後以一些最終評論和問答時間結束。普拉德曼？

Thank you, Mike. I'd like to echo Mike's comments and say that I'm extremely proud of our performance and our financial results. Hughes 2020 revenue was our highest on record. Our adjusted EBITDA grew 7% in the fourth quarter and 8% for the full year compared to the same period last year. Our 2020 adjusted EBITDA margin was 38.9%, increasing from 36% in 2019.

謝謝你，麥克。我想回應麥克的評論，並表示我對我們的業績和財務表現感到非常自豪。休斯 2020 年的收入是我們有記錄以來的最高水準。與去年同期相比，我們在第四季度調整後的 EBITDA 成長了 7%，全年成長了 8%。2020 年調整後 EBITDA 利潤率為 38.9%，高於 2019 年的 36%。

We grew our Hughes net subscriber base by approximately 87,000 during this year and were recently recognized by U.S. News & World Report 360 Reviews as the Best Satellite Internet Provider of 2021. This is welcome validation of our dedication to connecting the unconnected to a high-performance Internet service. We ended 2020 with 1,564,000 subscribers.

今年，我們的 Hughes 淨用戶群增加了約 87,000 名，最近被《美國新聞與世界報道 360 評論》評為 2021 年最佳衛星互聯網提供商。這是對我們致力於將未連接的人連接到高效能網路服務的承諾的認可。截至 2020 年，我們的訂閱者數量為 1,564,000 名。

In the fourth quarter, our subscriber base in the U.S. declined by approximately 27,000. As you know, our U.S. consumer offering is currently capacity constrained. As a result, we continue to manage our sales and marketing efforts to optimize service to our existing subs. We also continue to innovate to enhance the customer experience, applying advanced technologies such as artificial intelligence across our network.

第四季度，我們在美國的用戶數量減少了約 27,000 人。如您所知，我們的美國消費者產品目前產能有限。因此，我們繼續管理我們的銷售和行銷工作，以優化對現有子公司的服務。我們也不斷創新，在整個網路中應用人工智慧等先進技術，以增強客戶體驗。

Driven by the ongoing strong demand for broadband services and our focus on offering ancillary services that enhance our customers' experience, our U.S. ARPU has steadily increased. We expect these trends to continue in the near term.

在對寬頻服務持續強勁的需求以及我們專注於提供增強客戶體驗的輔助服務的推動下，我們的美國 ARPU 穩步成長。我們預計這些趨勢將在短期內持續下去。

In Latin America, in Q4, we grew our subscriber base by approximately 11,000 and improved ARPU over the previous quarter. Our sales slowed in this market relative to the third quarter as COVID-19 pandemic restrictions eased and many people returned to schools and offices on a regular basis. We saw an increase in churn, which we believe was partially due to changes we made in our collections process, impacting net sub additions.

在拉丁美洲，第四季度我們的用戶群增加了約 11,000 名，ARPU 較上一季提高。隨著 COVID-19 大流行限制的放鬆以及許多人定期返回學校和辦公室，我們在該市場的銷售相對於第三季度有所放緩。我們發現客戶流失率增加，我們認為這部分是由於我們在收款流程中所做的改變影響了淨子增加。

Community WiFi services, which we offer in partnership with Facebook Connectivity, continued to be an important offering for us in Latin America. We now have more than 1,500 of these Hughes-expressed WiFi hotspots deployed and are focused on improving monthly ARPUs with targeted marketing activities. We expect to see ongoing growth in these consumer markets in 2021.

我們與 Facebook Connectivity 合作提供的社群 WiFi 服務仍然是我們在拉丁美洲的重要服務。我們現在部署了 1,500 多個 Hughes 表示的 WiFi 熱點，並致力於透過有針對性的行銷活動提高每月 ARPU。我們預計 2021 年這些消費市場將持續成長。

For our North American enterprise business, the team continued to drive an increase in orders relative to the first half of 2020. We closed upgrades and extensions with several large accounts and saw a significant increase in our field deployment activity.

對於我們的北美企業業務，該團隊繼續推動訂單相對 2020 年上半年的成長。我們完成了幾個大型客戶的升級和擴展，並看到我們的現場部署活動顯著增加。

With the increase in activity through Q3 and Q4, we completed more enterprise deployments in 2020 than in 2019. Once more, the enterprise group received significant recognition in industry analyst reports during the quarter with both Frost & Sullivan and Gartner publishing research that highlighted the team's capabilities in the managed services market. We continue to invest in expanding our market-leading capabilities and in innovation across our managed services portfolio.

隨著第三季和第四季活動的增加，我們在 2020 年完成的企業部署比 2019 年更多。該企業集團在本季度的行業分析報告中再次獲得了高度認可，Frost & Sullivan 和 Gartner 發布的研究強調了該團隊在託管服務市場的能力。我們繼續投資擴大我們的市場領先能力和整個託管服務組合的創新。

Investments in artificial intelligence have allowed us to automate identification and resolution of network problems. These capabilities are being leveraged across our North American and international enterprise customers as well as our internal consumer operations.

對人工智慧的投資使我們能夠自動識別和解決網路問題。我們的北美和國際企業客戶以及我們的內部消費者業務正在利用這些功能。

In the international enterprise business, we see projects resuming and new opportunities developing. One of the world's preeminent financial companies has extended its service agreement with us to provide managed services to their locations across the Americas, Asia, Africa and the Middle East.

國際企業業務中，專案不斷重啟，新機會不斷湧現。世界領先的金融公司之一已與我們延長了服務協議，為其遍布美洲、亞洲、非洲和中東的分支機構提供託管服務。

In India, we received an order to implement more than 4,000 ATMs in support of the State Bank of India. The new order brings our total to more than 50,000 ATMs being serviced in India. Also there, we received expansion orders from Reliance Jio to provide 4G backhaul services in 7 states and to add more than 600 VSATs as part of the BharatNet program to connect villages across the country.

在印度，我們收到了安裝 4,000 多台 ATM 以支援印度國家銀行的訂單。新訂單使我們在印度服務的 ATM 總數達到 50,000 多台。此外，我們還收到了 Reliance Jio 的擴展訂單，將在 7 個州提供 4G 回程服務，並添加 600 多個 VSAT，作為連接全國村莊的 BharatNet 計劃的一部分。

In the Asia Pacific region, we won a project with a large maritime service provider to deliver a Jupiter system and an initial order of 500 modems. In Africa, in support of one of the region's largest national governments, we've been awarded a contract by a service provider to deliver Jupiter system supporting land mobility for government vehicles. And we continue to work on closing our joint venture agreement with Bharti Airtel in India. This -- as previously noted, this is subject to regulatory approvals.

在亞太地區，我們贏得了一家大型海事服務提供商的項目，交付 Jupiter 系統和 500 個數據機的初始訂單。在非洲，為了支持該地區最大的國家政府之一，我們獲得了一家服務提供者的合同，為政府車輛提供支援陸地流動性的 Jupiter 系統。我們將繼續努力完成與印度 Bharti Airtel 的合資協議。如前所述，這需要獲得監管部門的批准。

For our defense business, 2020 was an outstanding year in terms of sales, culminating in the fourth quarter with follow-on orders from major prime contractors and classified customers. Our government enterprise group was chosen as an approved provider by the Georgia Technology Authority under its GTA Direct program that makes it easy for eligible agencies to procure essential broadband connectivity from Hughes. The team also continues to rollout networks for 4 state agencies across approximately 500 locations in Pennsylvania. We look forward to continued momentum in these business segments in 2021.

對於我們的國防業務而言，2020 年是銷售業績出色的一年，主要主承包商和分類客戶的後續訂單在第四季度達到頂峰。我們的政府企業集團被喬治亞州技術管理局根據其 GTA Direct 計劃選為批准的提供商，該計劃使符合條件的機構可以輕鬆地從 Hughes 採購必要的寬頻連線。該團隊還繼續為賓州約 500 個地點的 4 個州機構推出網路。我們期待這些業務領域在 2021 年繼續保持成長動能。

Our Jupiter 3 satellite continues to progress at Maxar. In December 2020, we contracted for the launch of this satellite. We have received an updated schedule for Maxar, and we now expect to launch in the second half of 2022. This delay is due in part to the COVID-19 restrictions that every company is facing and in part to production issues with certain components. We are working diligently with Maxar to both mitigate these issues and identify ways to recover the schedule without risk to the satellite.

我們的 Jupiter 3 衛星在 Maxar 繼續取得進展。2020年12月，我們簽訂了這顆衛星的發射合約。我們已收到 Maxar 的更新時間表，現在預計將於 2022 年下半年推出。這種延遲的部分原因是每家公司都面臨新冠肺炎 (COVID-19) 的限制，部分原因是某些組件的生產問題。我們正在與 Maxar 努力合作，以緩解這些問題，並找到在不對衛星造成風險的情況下恢復時間表的方法。

In addition, our launch vehicle should limit the amount of time related to satellite arbitrating, which will assist our in-service schedule. Although we are disappointed with this delay, we remain excited about Jupiter 3 as that will bring significant additional capacity to our markets as well as the ability to offer higher speed service plans to our customers.

此外，我們的運載火箭應該限制與衛星仲裁相關的時間，這將有助於我們的服役進度。儘管我們對這次延遲感到失望，但我們仍然對 Jupiter 3 感到興奮，因為這將為我們的市場帶來顯著的額外容量，並能夠為我們的客戶提供更高速的服務計劃。

In addition, we have started exploring potential architectures for the next-generation Jupiter satellites. We've expanded our role with OneWeb, the LEO broadband satellite company, with a contract to develop and manufacture essential ground system technology for the new LEO constellation. In a 3-year agreement valued at approximately $250 million, Hughes will produce the gateway electronics and the core module that will be used in every user terminal.

此外，我們已經開始探索下一代木星衛星的潛在架構。我們擴大了與低地球軌道寬頻衛星公司 OneWeb 的合作範圍，簽訂了為新的低地球軌道星座開發和製造基本地面系統技術的合約。在價值約 2.5 億美元的為期 3 年的協議中，休斯將生產用於每個用戶終端的網關電子設備和核心模組。

Designed by Hughes, this core module is uniquely adaptable across fixed as well as aeronautical and maritime mobility terminals for either electronically or mechanically steered antennas. OneWeb resumed deployment of its broadband satellite constellation with the December 18 launch of 36 satellites, the first since the company emerged from Chapter 11 bankruptcy.

此核心模組由 Hughes 設計，具有獨特的適應性，適用於固定以及航空和海上移動終端，適用於電子或機械操縱天線。OneWeb 恢復了其寬頻衛星星座的部署，於 12 月 18 日發射了 36 顆衛星，這是該公司擺脫美國破產法第 11 章破產保護後的首次發射。

Hughes operates in an evolving industry and a changing market, as we have for 50 years. We've learned a lot along the way. For example, we know that for the Hughes net customer, the top priorities are speed, bandwidth and price. We also note that the great majority of traffic on the Internet is video, which is insensitive to latency yet requires a significant amount of capacity.

休斯在一個不斷發展的行業和不斷變化的市場中運營，正如我們 50 年來所做的那樣。一路上我們學到了很多。例如，我們知道對於Hughes net客戶來說，最優先考慮的是速度、頻寬和價格。我們還注意到，互聯網上的絕大多數流量都是視頻，它對延遲不敏感，但需要大量容量。

That's why geostationary satellites are ideal for the rural consumer and business markets that we serve, delivering superior economics and large volumes of capacity right where we need it. And make no mistake, due to the size of our addressable consumer market and the cost of other technologies in servicing low household density areas, we have a substantial opportunity for our Hughes net service.

這就是為什麼地球靜止衛星非常適合我們所服務的農村消費者和商業市場，在我們需要的地方提供卓越的經濟效益和大量的容量。毫無疑問，由於我們的潛在消費市場的規模以及為低家庭密度地區提供服務的其他技術的成本，我們的休斯網路服務有很大的機會。

With the launch of Jupiter 3 and 100 megabit service plans, we expect to maintain our market-leading position in rural underserved markets. The demand is there, and it's growing. The satellite broadband connectivity market is large enough to support different service providers with multiple technologies. Even with new constellations and planned launches, there will not be enough capacity in the foreseeable future to meet the demand in our primary markets, let alone the rest of the world.

隨著Jupiter 3和100兆位元服務計畫的推出，我們預計將在服務不足的農村市場中保持市場領先地位。需求是存在的，而且還在成長。衛星寬頻連接市場足夠大，可以支援不同服務供應商的多種技術。即使有新的星座和計劃發射，在可預見的未來也沒有足夠的容量來滿足我們主要市場的需求，更不用說世界其他地區了。

In addition to our thriving consumer business, we possess a diversified enterprise organization and partners in our industry continue to rely on our engineering expertise to propel their businesses. Across all of these markets, our multi-transport innovations will bring the best available technology to meet our customers' needs. We have continued to progress and innovate as the market changes and thrive like we always have.

除了蓬勃發展的消費者業務外，我們還擁有多元化的企業組織，我們行業的合作夥伴繼續依靠我們的工程專業知識來推動他們的業務。在所有這些市場中，我們的多種運輸創新將帶來最好的可用技術來滿足客戶的需求。隨著市場的變化，我們不斷進步和創新，並一如既往地蓬勃發展。

All in all, it was a very strong quarter and year, and I look forward to another productive year as we celebrate a half century of satellite leadership in 2021.

總而言之，這是一個非常強勁的季度和一年，我期待著另一個富有成效的一年，因為我們將在 2021 年慶祝衛星領導地位的半個世紀。

Let me now hand it over to Anders.

現在讓我把它交給安德斯。

Thanks, Pradman. Good morning. In Q4, ESS revenue was $4 million, down slightly from Q4 of last year. We continue to pursue opportunities to lease our excess Ku-band capacity. The overall FSS market continues to be soft and declines in demand for IFC capacity has obviously impacted the current environment. We are staying focused on these markets, and we are ready to react when the rebound occurs.

謝謝，普拉德曼。早安.第四季度，ESS 營收為 400 萬美元，比去年第四季略有下降。我們繼續尋求機會租賃多餘的 Ku 頻段容量。整體FSS市場持續疲軟，國際金融公司產能需求下降明顯影響了當前環境。我們將繼續關注這些市場，並準備在反彈發生時做出反應。

We mentioned last quarter that the first pair of NGSO S-band satellites for our EchoStar global subsidiary were in the commissioning phase. Unfortunately, both satellites have experienced technical anomalies that preclude them from fulfilling their intended regulatory milestone missions. Although I would like to note that our AG1 satellite is still operational, and we are using it for testing.

我們上季提到，我們 EchoStar 全球子公司的第一對 NGSO S 波段衛星正處於調試階段。不幸的是，這兩顆衛星都經歷了技術異常，導致它們無法完成預期的監管里程碑任務。不過我想指出的是，我們的 AG1 衛星仍在運行，我們正在使用它進行測試。

We intend to seek regulatory milestone relief due to the force majeure events. And despite this setback, business development activities continue, and we've been pleased with the interest the EchoStar Global mission is received from a range of vertical players.

我們打算因不可抗力事件尋求監管里程碑式的救濟。儘管遇到了這些挫折，業務開發活動仍在繼續，我們很高興看到一系列垂直參與者對 EchoStar Global 使命感興趣。

Our third nanosat is expected to launch in either Q2 or Q3 of this year, and we are evaluating options for additional spacecraft. With respect to developments in Europe, EchoStar Mobile has successfully launched its new synergy service, a hybrid offering that seamlessly integrates satellite and terrestrial LTE roaming services in a single small, low-cost mobile terminal using a single subscription and management portal. We continue to see strong interest from our distribution partners in all of EchoStar Mobile's new products and services, and we are excited to see many of the new opportunities for application of MSS technologies to a variety of emerging verticals, including autonomous platforms and 5G integration.

我們的第三顆奈米衛星預計將於今年第二季或第三季發射，我們正在評估其他太空船的選擇。關於歐洲的發展，EchoStar Mobile 已成功推出其新的協同服務，這是一種混合產品，可使用單一訂閱和管理入口網站將衛星和地面 LTE 漫遊服務無縫整合到單一小型低成本行動終端中。我們繼續看到我們的分銷合作夥伴對 EchoStar Mobile 的所有新產品和服務表現出濃厚的興趣，我們很高興看到 MSS 技術應用到各種新興垂直領域的許多新機會，包括自主平台和 5G 整合。

Additionally, we have launched several initiatives to deploy new hybrid satellite and terrestrial technologies and services on our E XXI platform. On the satellite IoT front, we are working with ProEsys and others to develop and deploy the first real-time bidirectional satellite delivered lower WAN services, which will leverage next-generation technology that fully integrates satellite and terrestrial services on a single chip. We expect the initial operations of the lower WAN service to begin in the second half of this year.

此外，我們也發起了多項舉措，在 E XXI 平台上部署新的混合衛星和地面技術和服務。在衛星物聯網方面，我們正在與 ProEsys 等公司合作開發和部署第一顆提供較低 WAN 服務的即時雙向衛星，該衛星將利用下一代技術，將衛星和地面服務完全整合在單一晶片上。我們預計下游廣域網路服務的初始營運將於今年下半年開始。

We are also working with Sequans and others to develop hybrid services leveraging our complementary ground component licenses in Europe. These new services will focus on industrial enterprise applications such as utilities, transportation logistics and maritime as well as emerging verticals such as unmanned aerial systems and urban air mobility. Finally, as always, we remain focused on our longer-term strategic goal of full integration of S-band satellite services into the emerging global 5G network.

我們也與 Sequans 和其他公司合作，利用我們在歐洲的互補地面組件許可證開發混合服務。這些新服務將重點放在公用事業、運輸物流和海事等工業企業應用，以及無人機系統和城市空中交通等新興垂直領域。最後，我們一如既往地專注於將 S 波段衛星服務全面融入新興的全球 5G 網路的長期戰略目標。

I'll now turn it over to Dave.

我現在把它交給戴夫。

Thank you, Anders. My comments this morning will be primarily on Q4 results and include comments on adjusted EBITDA, which is reconciled to GAAP measurements in our press release.

謝謝你，安德斯。今天早上我的評論將主要針對第四季度的業績，包括對調整後 EBITDA 的評論，調整後的 EBITDA 與我們新聞稿中的 GAAP 衡量標準一致。

Consolidated revenue in the fourth quarter was $489 million, down $10 million compared to the same period last year. Hughes revenue was $482 million, down $9 million compared to fourth quarter last year. Higher consumer revenue from increased ARPU and growth in Latin American subscribers were offset by lower equipment sales to enterprise customers, primarily due to the impact of the OneWeb bankruptcy in Q1 2020. In addition, we experienced negative foreign exchange impacts of approximately $10 million, principally related to revenue in Brazil.

第四季合併營收為4.89億美元，較去年同期減少1,000萬美元。休斯營收為 4.82 億美元，比去年第四季減少 900 萬美元。ARPU 增加和拉丁美洲用戶成長帶來的消費者收入增加被面向企業客戶的設備銷售減少所抵消，這主要是由於 2020 年第一季 OneWeb 破產的影響。此外，我們也遭受了約 1000 萬美元的負面外匯影響，主要與巴西的收入有關。

ESS revenue in Q4 was $4 million, down slightly as compared to the same period last year, and corporate and other revenues $3 million, also down slightly compared to last year. Consolidated adjusted EBITDA in the fourth quarter was $167 million, an increase of 7% from last year.

第四季ESS收入為400萬美元，與去年同期相比略有下降，企業及其他收入為300萬美元，與去年同期相比也略有下降。第四季綜合調整後 EBITDA 為 1.67 億美元，較去年成長 7%。

Hughes adjusted EBITDA in Q4 was $188 million, higher by $12 million. Hughes adjusted EBITDA margin increased by 3.2 percentage points, largely as a result of growth in the higher margin of consumer broadband business. ESS and corporate and other were primarily flat as compared to last year.

休斯第四季調整後 EBITDA 為 1.88 億美元，增加了 1,200 萬美元。休斯調整後 EBITDA 利潤率成長了 3.2 個百分點，主要是因為消費者寬頻業務利潤率較高的成長。ESS 和企業及其他與去年相比基本持平。

Net loss from continuing operations was $3 million in Q4, an improvement of $54 million from last year. This change was primarily due to higher operating income of $7 million, lower net interest expense of $47 million, driven primarily by $50 million of interest expense accrued in the fourth quarter of 2019 related to our fee dispute with the Government of India, improvement in foreign currency transactions of $6 million and higher gains on investments of $6 million. This was partially offset by higher income tax provision of $10 million.

第四季持續經營業務淨虧損為 300 萬美元，比去年減少 5,400 萬美元。這項變更主要是由於營業收入增加了700 萬美元，淨利息支出減少了4,700 萬美元，這主要是由於2019 年第四季與印度政府的費用糾紛相關的應計利息支出為5,000 萬美元，國外業務的改善貨幣交易額為 600 萬美元，投資收益為 600 萬美元。這被 1000 萬美元的所得稅準備金增加部分抵消。

Capital expenditures in the quarter were $114 million compared to $104 million in Q4 last year. The increase was primarily due to spend associated with our J3 ground infrastructure, as we start to prepare the service launch. Free cash flow, defined as adjusted EBITDA minus CapEx, was $53 million during the quarter.

本季的資本支出為 1.14 億美元，而去年第四季的資本支出為 1.04 億美元。增加的主要原因是我們開始準備服務啟動時與 J3 地面基礎設施相關的支出。本季自由現金流（定義為調整後 EBITDA 減去資本支出）為 5,300 萬美元。

In 2021, we are targeting both revenue and adjusted EBITDA growth. We plan to manage our U.S. consumer activity to maximize profitability and expect continued growth in our LatAm consumer markets. We foresee meaningful recovery in our enterprise equipment sales and services. With the lingering impact from the pandemic in this segment of the business, we believe second half of 2021 will be stronger than the first, especially internationally. The new agreement with OneWeb should provide incremental growth. We will continue to prudently manage all expenses, including those associated with the Jupiter 3 launch readiness.

2021 年，我們的目標是收入和調整後 EBITDA 成長。我們計劃管理我們的美國消費者活動，以最大限度地提高盈利能力，並預計拉丁美洲消費者市場的持續成長。我們預計我們的企業設備銷售和服務將出現有意義的復甦。由於疫情對該業務領域的影響持續存在，我們相信 2021 年下半年的業績將強於上半年，尤其是在國際範圍內。與 OneWeb 的新協議應該會帶來增量成長。我們將繼續審慎管理所有費用，包括木星 3 號發射準備相關的費用。

In December 2020, we bought back 1.7 million shares of our stock in the open market at a cost of $38 million. Through February 11, 2021, we had repurchased an additional 2.9 million shares for a cost of approximately $65 million. Our cash and marketable security balance at 12/31 was $2.5 billion, and our 7 5/8% senior unsecured notes of $900 million are due in June, and our intent at this time is to repay them out of current cash.

2020 年 12 月，我們以 3,800 萬美元的價格在公開市場回購了 170 萬股股票。截至 2021 年 2 月 11 日，我們額外回購了 290 萬股股票，成本約 6,500 萬美元。截至 12/31，我們的現金和有價證券餘額為 25 億美元，我們的 9 億美元 7.5/8% 優先無擔保票據將於 6 月到期，我們目前的意圖是用當前現金償還它們。

With that, I'll turn it back over to Mike.

這樣，我會將其轉回給麥克。

Thank you, Dave. As you can all see, we've had a successful year, and I remain extremely excited about our position within the satellite communications industry. Demand for global connectivity continues to outpace supply, and we remain well positioned from a technology and financial standpoint.

謝謝你，戴夫。正如大家所看到的，我們度過了成功的一年，我對我們在衛星通訊行業的地位仍然感到非常興奮。全球連結的需求持續超過供應，從技術和財務的角度來看，我們仍然處於有利地位。

Let me now turn it over to the operator to start the question-and-answer session.

現在讓我將其交給操作員開始問答環節。

(Operator Instructions) Your first question comes from the line of Rick Prentiss from Raymond James.

（操作員說明）您的第一個問題來自 Raymond James 的 Rick Prentiss。

First, I know I'm glad, I think the market is also to see you put your balance sheet to work on stock buybacks. It looks like maybe close to $400 million left on the authorized plan compared to your $2 billion market cap. I just want to confirm that, that's right. And we think the best M&A opportunity is to buy your own stock where it's at. But what other M&A opportunities might be out there that you'd be interested in and might want?

首先，我知道我很高興，我認為市場也會看到你將資產負債表用於股票回購。與您 20 億美元的市值相比，授權計劃可能還剩下近 4 億美元。我只是想確認一下，是這樣的。我們認為最好的併購機會是在目前位置購買自己的股票。但是還有哪些其他併購機會是您感興趣並且想要的呢？

Well, as you know, Rick, I mean, we've been looking at a lot of different opportunities over a period of several years. And I think we remain interested in transactions that make sense, where it grows our customer base, grows our technology base and provides for incremental growth. That's where we remain focused.

嗯，正如你所知，里克，我的意思是，我們在過去幾年裡一直在尋找很多不同的機會。我認為我們仍然對有意義的交易感興趣，它可以擴大我們的客戶群，擴大我們的技術基礎並提供增量成長。這就是我們仍然關注的地方。

Okay. And on the buyback, it's about $390 million, maybe left, that ballpark?

好的。回購金額約 3.9 億美元，也許還剩下這個大概？

Yes. I'm sorry, you had the numbers right. That's approximately correct as of the filing.

是的。抱歉，你的數字是對的。截至提交文件時，這大致是正確的。

Okay. And then obviously, the Jupiter 3 has been delayed a little bit with Maxar. Are there any abilities to recover costs from them with the delay? And also as you think about growth, pre-Jupiter 3 launch, can you -- should we think of this quarter sub decline as kind of more similar to what you might experience until the launch? And obviously, ARPU increases can help offset that, but just trying to think through the delay and the impact?

好的。顯然，Jupiter 3 的發佈時間因 Maxar 而被推遲了一些。是否有能力從他們那裡收回延誤造成的成本？另外，當您考慮 Jupiter 3 發射前的成長時，我們是否應該認為本季的子下降與發射前可能遇到的情況更相似？顯然，每個用戶平均收入 (ARPU) 的增加可以幫助抵消這種影響，但只是想考慮延遲和影響嗎？

Well, we're working all the options as far as the contract with Maxar. And I don't think I'm going to say anything more about that. We still need the spacecraft, and we're very disappointed in the delays. It's that simple. The issue with the U.S. sub count is that with the continued growing demand of each consumer in the Jupiter 2 and Jupiter 1 field, we try to manage the number of customers we can support along with the capacity constraints. We try to make sure the capacity is what our customers need. And therefore, at times, we do in certain beams allow the sub count to go down to ensure that we've got solid support of the plans that people are buying.

嗯，我們正在考慮與 Maxar 簽訂合約方面的所有選項。我想我不會再對此多說什麼了。我們仍然需要航天器，我們對延誤感到非常失望。就是這麼簡單。美國子計數的問題在於，隨著 Jupiter 2 和 Jupiter 1 領域每個消費者的需求持續增長，我們嘗試管理我們可以支援的客戶數量以及容量限制。我們盡力確保容量滿足客戶的需求。因此，有時，我們會在某些方面允許子計數下降，以確保我們得到人們購買的計劃的堅實支持。

So I can't totally predict it as people -- more and more people hopefully return to office and the work-from-home demand goes down, I would think that will have a positive impact on our ability to add subs, but I can't say for sure. I don't know what things are going to look like for the next 6 months. So yes, I don't expect major changes either up or down as we manage through customer requirements in turn.

因此，我無法完全預測這一點，因為人們希望越來越多的人重返辦公室，並且在家工作的需求下降，我認為這將對我們增加替補的能力產生積極影響，但我可以不敢肯定地說。我不知道接下來的 6 個月會發生什麼事。所以，是的，當我們依序管理客戶需求時，我預計不會有重大變化。

And as we think of the Jupiter 3 getting in service, Pradman, I think you mentioned that the launch vehicle choice would reduce the time from launch to in-service. Can you give us an idea of how fast that might be? And I know people are very interested in knowing how much capacity will the Jupiter 3 bring on? And what that might do for growth as we look beyond the launch in-service dates?

當我們想到木星 3 號投入使用時，普拉德曼，我想你提到過運載火箭的選擇將減少從發射到投入使用的時間。您能否告訴我們這可能有多快？我知道人們很想知道 Jupiter 3 會帶來多少容量？當我們展望發布投入使用日期之後，這可能會對成長產生什麼影響？

Well, I think we've talked capacity in the past, and I don't see any reason to keep going over that. Nothing's changed as far as the spacecraft as it's gone through the design. The deliver capacity is expected to be pretty close to spec. As to the launch vehicle, the time through in-orbit testing and getting into service, I got to be honest with you, we're working it every day. And that is one area with the delay in the production of the satellite that there's a possibility of gaining back some in-service time.

嗯，我想我們過去已經討論過容量問題，而且我認為沒有任何理由繼續討論這個問題。就航天器的設計而言，沒有任何改變。預計交付能力將非常接近規格。至於運載火箭，在軌測試和投入使用的時間，我必須誠實地告訴你，我們每天都在努力。這是衛星生產延遲的一個領域，但有可能贏得一些服役時間。

However, the opposite of that is we do not want to take -- we do not want to rush through in-orbit testing in a way that might have a negative impact on the spacecraft or our ability to meet spec as we get going. So it's a very precise activity we got to be careful of, but we're going to shave off every possible day from the time we launch till the time we're in service. But again, that's a work in progress.

然而，相反的是我們不想採取——我們不想倉促進行行在軌測試，這可能會對太空船或我們在啟動時滿足規範的能力產生負面影響。因此，這是一項非常精確的活動，我們必須小心，但我們將縮短從啟動到投入使用的每一天。但同樣，這是一項正在進行的工作。

Okay. Last one for me. Another work in progress has been the JV in India. A lot of business happening in India. Can you help us understand what you think of reasonable time frame is that, that deal might close as it continues to wait approval?

好的。最後一張給我。另一項正在進行的工作是在印度的合資企業。印度發生了很多生意。您能否幫助我們了解您認為合理的時間範圍是指該交易在繼續等待批准的過程中可能會完成？

Yes. We're aiming for somewhere in the middle of the year.

是的。我們的目標是在今年年中的某個時間。

So mid '22?

那麼22年中期？

Yes. It's being held -- we have to get through a bunch of.

是的。它正在舉行——我們必須經歷很多事情。

No, no. Mid -- yes. Mid '21.

不，不。中——是的。21 年中。

Sorry. Mid '21. I misspoke.

對不起。21 年中。我說錯了。

Mid of '21. Sorry. Yes. We're actually working through some regulatory approvals. Everything is all set. As soon as we get the last couple of regulatory approvals, we should be ready to close the deal.

21 年中。對不起。是的。我們實際上正在申請一些監管部門的批准。一切都已準備就緒。一旦獲得最後幾項監管批准，我們就應該準備好完成交易。

And then hit the ground running pretty fast?

然後就開始快速跑動？

Yes. Yes.

是的。是的。

(Operator Instructions) Your next question comes from the line of Chris Quilty from Quilty Analytics.

（操作員說明）您的下一個問題來自 Quilty Analytics 的 Chris Quilty。

Pradman, I wanted to follow up on the consumer ARPU, which you indicated was up both in the U.S. and international. In the U.S. market, is the increasing ARPU more a function of existing customers stepping up their plans? Or is it simply a mix issue of some lower-value subscribers dropping off?

Pradman，我想跟進消費者 ARPU，您指出美國和國際的 ARPU 值均上升。在美國市場，每位使用者平均收入 (ARPU) 的成長是否更多是現有客戶加快計畫的結果？或者這只是一些低價值訂戶流失的混合問題？

Well, it definitely is the existing customers stepping up. As this COVID crisis has been obviously spreading all over and increasing the demand for the services, so people are stepping up, going up to higher plans, et cetera, which has good effect on the ARPU, but obviously, has an impact on the number of subs you can accommodate over these satellites. So that's one part of it.

嗯，這肯定是現有客戶在加緊努力。由於這場新冠危機已經明顯蔓延到各地，並增加了對服務的需求，人們正在加緊行動，採取更高的計劃等等，這對 ARPU 產生了良好的影響，但顯然，對數量產生了影響您可以透過這些衛星容納多少潛艇。這就是其中的一部分。

The other part of it is we're selling some additional ancillary services, which adds to the ARPU. For example, repair services, people don't want their unit down and are willing to pay extra money to have quick repair services, and we sell tokens for extra capacity. So there's a whole bunch of little things that add $1 or $2 to our ARPU for these subscribers, which is very good money because the costs against that are very little.

另一部分是我們正在銷售一些額外的輔助服務，這會增加 ARPU。例如，維修服務，人們不希望他們的設備停機，並且願意支付額外的錢來獲得快速維修服務，並且我們出售代幣以獲得額外的容量。因此，有很多小事情可以為這些訂戶的 ARPU 增加 1 或 2 美元，這是一筆非常好的錢，因為與之相比的成本非常低。

Understand. And as you think about more people returning back to work, obviously, this COVID period caused very different demand patterns than what you've seen in the past with respect to the time of day. And as people go back to work and perhaps they stepped up their plan because they were using a lot more capacity, if you see a shift back to normal patterns where people are more heavily using the service, say, after 5:00 p.m., do you still have the right amount of capacity in the way that you've metered it out so that you can -- you won't be forced to drop people from the plan?

理解。當你想到更多的人重返工作崗位時，顯然，這段新冠疫情時期造成的需求模式與你過去在一天中的不同時間看到的情況截然不同。隨著人們重返工作崗位，也許他們因為使用了更多容量而加快了計劃，如果您看到人們更頻繁地使用該服務的正常模式（例如下午5:00 之後）發生轉變，請執行以下操作：您仍然擁有以計量方式確定的適當容量，這樣您就不會被迫將人員從計劃中剔除？

Yes. It's one of those things that's evolving all the time, and it's very difficult, as Mike mentioned earlier, to predict exactly what will happen when in terms of the demand. So we are constantly adjusting the plans and adjusting the allocation of bits to the different plans and to the different subs to try to maintain a balance between customer satisfaction and capacity, the number of subs that we -- and this is a process that's going on every day as we evolve. And we just have to see what -- how this come back to normal develops. And it probably won't develop the way we think it will, like everything else about COVID that has been there, but it's something we try to optimize continuously.

是的。這是一直在發展的事情之一，正如麥克之前提到的，很難準確預測需求時會發生什麼。因此，我們不斷調整計劃並調整不同計劃和不同子系統的比特分配，以試圖保持客戶滿意度和容量、我們的子系統數量之間的平衡，這是我們不斷進步的每一天。我們只需要看看情況如何恢復正常。它可能不會像我們想像的那樣發展，就像其他有關新冠病毒的事情一樣，但我們正在努力不斷優化它。

Understand. Shifting to the enterprise market and if we can set aside OneWeb and as a standalone and then look at the balance of the enterprise business, it appears that for the past couple of years, the enterprise revenues and installations have been struggling. As we come out of COVID, do you see any prospects for the enterprise business putting up a year of growth, again, excluding the OneWeb business?

理解。轉向企業市場，如果我們可以把OneWeb當作一個獨立的專案放在一邊，然後看看企業業務的平衡，那麼在過去的幾年裡，企業收入和安裝似乎一直在掙扎。當我們走出新冠疫情之際，除了 OneWeb 業務之外，您認為企業業務是否有實現一年成長的前景？

Yes. The answer is yes. And we have been reasonably pleasantly surprised and excited about what's happening in that market. We're suddenly seeing major corporations wanting to either expand the breadth of the services we offer today, our brand-new customers, our brand-old customers and brand news requirements. And if you look at the enterprise business for us, you've got the United States and you've got the rest of the world.

是的。答案是肯定的。我們對該市場發生的事情感到相當驚喜和興奮。我們突然看到大公司想要擴大我們今天提供的服務的廣度、我們的全新客戶、我們的品牌老客戶和品牌新聞需求。如果你看看我們的企業業務，你會發現美國和世界其他地區。

The United States is primarily with the Fortune 1000 companies using -- for the access technology using primarily terrestrial technologies. Internationally, like we mentioned about India and Brazil and many of the other countries in Far East, it's primarily satellite-driven still. And our dominance in our VSAT technology gives us a very, very high market share in those areas. And both internationally and domestically, we expect '21 to be a good year.

美國主要是財富 1000 強公司使用的接取技術主要使用地面技術。在國際上，就像我們提到的印度和巴西以及遠東的許多其他國家一樣，它仍然主要由衛星驅動。我們在 VSAT 技術方面的主導地位使我們在這些領域擁有非常非常高的市場份額。無論是在國際或國內，我們預計 21 年將是美好的一年。

Great. And back to OneWeb, can you give us any sense of how much of that $250 million you had burned through prior to the Chapter 11 bankruptcy? And how do you see that rollout progressing for the balance over 2021?

偉大的。回到 OneWeb，您能否告訴我們，在根據美國破產法第 11 章破產之前，您已經燒掉了 2.5 億美元中的多少？您如何看待 2021 年剩餘時間的推出進度？

This is a brand-new $250 million after bankruptcy. When they went bankrupt, we had to terminate the old contract, and we got paid for all the work we had done at that time. And so we started off after bankruptcy from 0, and this is a brand-new $250 million from that time for the next 3 years.

這是破產後的全新2.5億美元。當他們破產時，我們不得不終止舊合同，我們當時所做的所有工作都得到了報酬。所以我們破產後從0開始，這是從那時起未來3年的全新2.5億美元。

And will it be equally distributed over the next 3 years? Or is it upfront loaded?

未來3年會平均分配嗎？還是預先加載的？

Well, I think the first 2 years will take most of it, and then there'll be probably 6 months' worth of stuff left in the third year. And then it goes fairly linearly because we ship gateways to 42 sites all over the world, almost on an equal timing basis.

嗯，我認為前兩年會用掉大部分，然後第三年可能會剩下 6 個月的東西。然後它的發展相當線性，因為我們幾乎在相同的時間基礎上將網關運送到世界各地的 42 個站點。

Got it. And one question for Anders on the failed small sats. Have you been able to trace back the cause of those failures to payload design issues or were these simply bus-related issues?

知道了。還有一個關於失敗的小衛星的問題要問安德斯。您是否能夠將這些故障的原因追溯到有效負載設計問題，或者這些問題只是與總線相關的問題？

They weren't payload related at all. The -- we had an issue relating to the propulsion system, which -- because of the orbit that our filing specifies and where sort of ride share and standard launch vehicle leave you off in the SSO orbits, we have to change our altitude and our inclination. And in both instances, the propulsion system onboard the spacecraft malfunctioned.

它們根本與有效負載無關。我們遇到了一個與推進系統有關的問題，由於我們的文件指定的軌道以及某種乘車共享和標準運載火箭將您留在 SSO 軌道上，我們必須改變我們的高度和我們的傾角。在這兩種情況下，太空船上的推進系統都發生故障。

And you indicated that you will look for a force majeure in order to replace those satellites and continue testing. And were you able to get any testing done with the satellites prior to their failure?

您表示將尋找不可抗力來更換這些衛星並繼續進行測試。在衛星發生故障之前，您是否能夠對衛星進行任何測試？

Well, only one failed completely. The other one we're still in communications with and are running tests across it right now. So -- but the third satellite, which is due to go up on a ride share mission right now in June, it's of a completely different design from both the bus, the propulsion system, but it does have the same radio payload. So the payloads on the first 2 satellites were operational and were working fine.

好吧，只有一個完全失敗了。我們仍在與另一台進行溝通，並正在進行測試。所以，第三顆衛星將於六月執行共乘任務，它的設計與巴士、推進系統完全不同，但它確實具有相同的無線電有效載荷。因此，前兩顆衛星上的有效載荷可以運作並且運作良好。

(Operator Instructions) Your next question comes from the line of Rick Prentiss from Raymond James.

（操作員說明）您的下一個問題來自 Raymond James 的 Rick Prentiss。

A couple of follow-up questions. I want to follow Chris' line there on OneWeb. I think there had also been some discussion that maybe you could be a distribution or services or some other kind of partner besides just the equipment. Can you elaborate if there's other potential for working with OneWeb what it might entail?

幾個後續問題。我想在 OneWeb 上關注 Chris 的路線。我認為還進行了一些討論，除了設備之外，也許您可以成為分銷商或服務商或其他類型的合作夥伴。您能否詳細說明與 OneWeb 合作是否還有其他潛力？

Yes, absolutely. We are a service provider all over the world. And in the different service offerings that we have, we expect to be leasing, depending on the market requirements, some capacity from OneWeb and bundling it into the other services we offer to our existing customers and new customers.

是的，一點沒錯。我們是世界各地的服務提供者。在我們提供的不同服務中，我們希望根據市場需求租賃 OneWeb 的一些容量，並將其捆綁到我們向現有客戶和新客戶提供的其他服務中。

And when can that start, given the OneWeb timing for their constellations to go up?

考慮到 OneWeb 星座上升的時間，什麼時候可以開始？

Well, their constellations -- as soon as their constellations are up and tested, we'll start. We've got customers today who love to have us not only offer the GEO services we normally offer, but to offer LEO services and combined LEO/GEO services. So we -- as we've said in the past, we think a LEO/GEO combination is a great way to address the markets that our customers are in because they have strengths for different applications. So as soon as they're ready, we'll be ready to lease capacity, especially in the markets where we have service companies like India, Brazil, Europe, Africa, Middle East.

好吧，他們的星座——一旦他們的星座完成並測試，我們就開始。如今，我們的客戶不僅希望我們提供通常提供的 GEO 服務，還希望我們提供 LEO 服務以及 LEO/GEO 組合服務。因此，正如我們過去所說，我們認為 LEO/GEO 組合是解決客戶所在市場的好方法，因為他們在不同的應用方面都有優勢。因此，一旦他們準備好，我們就會準備好租賃產能，特別是在我們擁有服務公司的市場，如印度、巴西、歐洲、非洲、中東。

And obviously, Bharti is one of the ones that helped bring OneWeb out of bankruptcy as well as the U.K. government. What time frame do you think that constellation will be ready to help you do bundling in India, say, for instance?

顯然，巴蒂是幫助 OneWeb 以及英國政府擺脫破產的人之一。例如，您認為星座將在什麼時間範圍內幫助您在印度進行捆綁銷售？

I think approximately 2 years from now.

我想大約兩年後。

And other topic I want to make sure, obviously, we're finally out of the quiet period from the RDOF auction. You guys didn't get much there. ViaSat didn't get any, but SpaceX did get a lot. Can you just share with us kind of your thoughts on what happened in the RDOF auction and how that impacts the future dynamics?

我想確定的另一個主題是，顯然，我們終於走出了 RDOF 拍賣的平靜期。你們在那裡沒有得到太多。ViaSat 沒有得到任何東西，但 SpaceX 確實得到了很多。您能否與我們分享您對 RDOF 拍賣中發生的事情以及這對未來動態有何影響的想法？

Well, I think SpaceX got, what, about $80 million a year for 10 years. And in the scheme of things, it sounds like a big number, but it's not really that big, right? If you look at the number of subs that it will help them subsidize, I think the number of different calculations comes to like 40,000 subs a year, somewhere in that region. So we have 1.5 million subs up already.

嗯，我認為 SpaceX 在 10 年內每年獲得約 8000 萬美元。從整體上看，這聽起來是一個很大的數字，但實際上並沒有那麼大，對吧？如果你看看它將幫助他們補貼的訂閱者數量，我認為不同計算的數量在該地區的某個地方每年大約有 40,000 名訂閱者。所以我們已經有 150 萬訂閱者了。

So 40,000 a year -- I wish we had it, but it's not an overwhelming number either in the scheme. They've got to be looking for like 1 million subs or something like that. So 40,000 a year isn't going to be that big a deal. I think they got a favorable ruling from the FCC, which impacted our -- we didn't think the FCC was going to give that kind of a favorable ruling, but they did. And that's probably where we maybe didn't do as well as we could have.

所以每年 40,000 人——我希望我們能擁有它，但在該計劃中這也不是一個壓倒性的數字。他們必須尋找大約 100 萬訂閱者或類似的東西。所以一年4萬也沒什麼大不了的。我認為他們從聯邦通信委員會得到了有利的裁決，這影響了我們——我們認為聯邦通信委員會不會做出這種有利的裁決，但他們確實這樣做了。這可能就是我們做得不夠好的地方。

Okay. And then one for Dave. You had mentioned, I think the 10-K mentions a limited number of enterprise customers are filing bankruptcy. Can you help us understand kind of sizing that risk and what might be and how you've kind of already positioned the bad debt reserve?

好的。然後是戴夫的一張。你提到過，我認為 10-K 提到了有限數量的企業客戶正在申請破產。您能否幫助我們了解風險的大小以及可能的風險以及您已經如何定位壞帳準備金？

Yes. I mean we're fully reserved on that, and that was really earlier in the year in the midst of COVID. I mean you obviously have OneWeb. You've obviously got Global Eagle. It was a customer. So there's a number of retail customers. We're working with those customers going through the bankruptcy process and fully reserved. And hopefully, we end up being over-reserved that we get some proceeds out of the final conclusion.

是的。我的意思是，我們對此完全持保留態度，那是在今年早些時候的新冠疫情期間。我的意思是你顯然有 OneWeb。顯然你已經擁有全球鷹了。這是一位顧客。所以有很多零售客戶。我們正在與那些正在經歷破產程序並完全保留的客戶合作。希望我們最終能夠從最終結論中獲得一些利益。

But we're pretty comfortable in all the positions on the companies that have filed bankruptcy. It slowed some growth that impacted revenue recognition for a while and certainly some of those customers downsized their orders from us. But I don't know that we've lost one entirely among those various customers that filed.

但我們對已申請破產的公司的所有立場都相當滿意。它減緩了一些成長，在一段時間內影響了收入確認，當然其中一些客戶減少了我們的訂單。但我不知道我們是否已經完全失去了眾多提交申請的客戶。

And also the India AGR ruling got resolved. How was that reserve? And how is that going to play forward over the next 10 years?

印度 AGR 裁決也已解決。那個儲備怎麼樣？未來 10 年，這種情況將如何發展？

Good question. There's still a lot of rulings to come down from the India DoT and Supreme Court. We believe that we are fully reserved for it and hopeful. I can't say optimistic, but hopeful that we get some rulings in our favor that indicate that we're over-reserved. But right now, we're under-reserved. And if we've got to pay it out under the most current rulings, you got to be paid out over 10 years.

好問題。印度交通部和最高法院仍有大量裁決需要做出。我們相信我們對此充滿保留並充滿希望。我不能說樂觀，但希望我們能得到一些對我們有利的裁決，顯示我們保留過度。但現在，我們的儲備不足。如果我們必須根據最新的裁決支付這筆款項，那麼您必須在 10 年內得到支付。

There are no further questions. I'll now turn the call back to Terry Brown for closing remarks.

沒有其他問題了。現在，我將把電話轉回給特里·布朗，讓其致閉幕詞。

Okay. Thank you, everybody, for joining today, and we look forward to talking to you next time.

好的。感謝大家今天的加入，我們期待下次與您交談。

That concludes today's conference call. Thank you, everyone, for joining. You may now disconnect.

今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連線。